Water-cooled electrodes generally comprise a hollow cylinder formed of a conductive metallic material and having baffles or flow dividers so that cooling fluid may be delivered to its lower end and directed along the inner surface of its outer shell. A graphite electrode section is removably attached to the lower end of the metallic water-cooled section. Current flows from the metallic section of the electrode and through the graphite section. A primary disadvantage of such prior art water-cooled electrodes is that they must be removed from the arc furnace for replacement of the graphite tips.